THE WORLD'S MOST DANGEROUS TRADE IS GETTING EVEN MORE CROWDED.
Leveraged funds are now holding their largest short position in the Japanese yen since 2017. They're borrowing ultra-cheap yen to buy higher-yielding assets, particularly U.S. technology stocks, making the yen carry trade more crowded than it has been in years. The risk is what happens if the yen suddenly strengthens. A sharper yen forces investors to buy back the currency to repay their loans, triggering rapid deleveraging across global markets. We've seen this before. In August 2024, the yen surged roughly 14% against the U.S. dollar, sparking a violent unwind of carry trades. More than $6 trillion was erased from global equity markets, and panic selling reached levels not seen since the COVID crash. Today, speculative positioning is even more extreme. That doesn't guarantee another unwind—but it does mean the market is more vulnerable if the yen stages another sharp rally. Source: The Macro Paper
This looks like a clean breakout
#goldminers Source: Tavi Costa
First offices of 6 companies worth a combined $22 trillion.
Source: Jon Erlichman
The U.S. has added $450 billion to the national debt since July 1st.
That’s over $15 billion a day. “There are two ways to enslave a country. One is by the sword. The other is by debt.” – John Adams Source: Peter Mallouk @PeterMallouk
Cramer said investors should buy SpaceX $SPCX for their kids
Source: Barchart
911.5 million SpaceX shares worth nearly $100 billion unlock today.
Only about 639 million shares trade freely right now. So the amount unlocking is roughly 1.4 times the entire float. $SPCX is already down 52% from its all-time high with just 4.9% float. Source: Bull Theory
US Treasury will buy back $69,000,000,000 of its own debt over the next 90 days.
Source: The Macro Paper
64% of Young Men Who Trade Stocks Daily Feel Like Failures.
A new study found that daily stock trading is highly correlated with demoralization in young men, with 64% of men aged 18-29 who trade stocks daily reporting feelings of failure (via Family Studies, a pro-marriage think tank) via @SimoneFoxman Source: Eric Balchunas @EricBalchunas Bloomberg
